Corn exports top pre-report estimates

According to the United States Department of Agriculture, corn export sales, for the week ending October 19, 2006, were larger than expected. Soybeans, meal, oil and wheat were within pre-report estimates. Beans, corn and wheat were above what's needed weekly to meet USDA projections.

Wheat came out at 460,800 tons (16.9 million bushels), 4% higher than the previous week but 4% lower than the four-week average. Pre-report expectations ranged from 300,000 to 500,000 tons. The primary buyers were Nigeria (121,400 tons), Japan (101,200 tons) and Egypt (61,100 tons). For the 2006/07 marketing year to date, wheat sales are 445.1 million bushels, compared to 546.2 million a year ago.

Corn was reported at 1,046,000 tons (41.2 million bushels), up 28% from the prior week and 2% more than the four-week average. Analysts had been expecting sales of 700,000 to 1,000,000 tons. The main purchasers were Mexico (432,900 tons), Japan (391,100 tons) and unknown destinations (43,300 tons). Just over a month and a half into the marketing year, corn sales are 738.4 million bushels, compared to 528.8 million at this point in 2005/06.

Soybeans totaled 627,000 tons (23 million bushels), down 28% from the week ending October 12 and 38% below the four-week average. Before the report, estimates ranged from 600,000 to 800,000 tons. The main buyers were China (297,800 tons), Germany (118,100 tons) and Taiwan (62,400 tons). At this point in 2006/07, soybean sales are 463.3 million bushels, compared to 329.2 million last year.

Soybean meal sales were reported at 101,000 tons or 33% less than the week before. Analysts' pre-report estimates ranged from 25,000 to 175,000 tons. The primary purchasers were Mexico (38,400 tons), Canada (22,100 tons) and the Dominican Republic (17,300 tons). With little more than two weeks gone in 2006/07, meal sales, including sales carried over from 2005/06, are 1,981,300 tons, compared to 1,424,900 a year ago.

Soybean oil came out at 2,100 tons, compared to expectations for 0 to 35,000. The listed buyers were Canada (1,000 tons) and Guatemala (1,000 tons). So far this marketing year, oil sales are 107,100 tons, compared to 88,400 in 2005/06.